當公司涉入訴訟案件並成為被告時，對投資人或股東而言，是一項負面訊息之傳達，因此，投資人或股東將會對公司進行重新的評價，而這樣評價修正的行為將透過股票市場中股價的變化來反應。

公司因為其過去經營之成果而讓人產生既定之印象，也被視為是公司的聲譽，在公司涉入訴訟案並成為被告時，投資人對公司的評價調整是否因公司過去聲譽表現的不同，而使股價的變化也有不同之情形，是值得深入探討的議題。

本研究使用兩種不同的聲譽指標，將被告公司分為不同之聲譽高低，以探討被告公司在訴訟案發生前後，關於股價報酬、波動度及交易活動等在不同聲譽程度之表現差異情形。且由於訴訟案的案由相當多元，因此不同的訴訟案由是否股價報酬的變動程度有所不同，亦是本研究探討之重點。

本研究經過實證分析得到以下結論，在使用天下雜誌企業聲望調查為聲譽指標下，不論是訴訟案事件期或事訴訟後買入持有，高度聲譽之公司其累計亦呈報酬率都會優於低度聲譽者。另外使用TENOR指標三分法下，波動度方面，高度聲譽之被告公司其波動度卻無明顯較小，至於異常交易量比率部分，在事件宣告後第二日與第四日，高度聲譽公司的異常交易量比率確實顯著較低。最後，不論使用何種指標當作聲譽的代理變數，因公司治理案由涉入訴訟案的公司，其累計異常報酬率確實會明顯較低。

It is a negative signal for shareholders if a firm is involved in lawsuits as defendant. Investors would reevaluate the firm’s value, and such reassessments would be reflected in changes in stock prices.

A firm builds its own reputation via past operations. It is worth studying that whether or not the stock price movement would differ based on different level of reputations.

Two reputation indicators are employed in this paper to distinguish the defendant companies into different reputation levels. Based on the reputation levels, we study the differences in stock return, volatility and transaction behavior before and after the lawsuits. Further, due to variety background of lawsuits, this paper also examines if levels of return changes would diverse based on different lawsuits.

Three conclusions are derived from empirical analysis. First, using results of CommonWealth magazine reputation investigation as reputation proxy, no matter during or after the lawsuits, firms with higher reputation level generate higher accumulative abnormal returns than their peers with lower reputation levels do under buy-and-hold strategy. Second, when TENOR indicator divided into three equal parts as reputation level, firms with high reputation level are not less volatile than firms with lower reputation levels. Also, firms with high reputation level have significantly lower abnormal trading volume on day two and day four after date of announcement. Finally, no matter which indicators used as the reputation proxy, firms involved in lawsuits due to corporate governance issues significantly generate lower abnormal returns.

一、中文文獻
1.林慧玲(2007)，「企業聲望對於組織經營績效之影響探討」，國立中央大學人 力資源管理所碩士論文。
2.林雅惠(2005)，「台灣企業社會責任發展之現況研究」，國立台北科技大學環境規劃與管理研究所碩士論文。
3.柯如欣(2007)，「從利害關係人之意願與行為探討企業社會責任與企業財務績效間之關聯性─國際實證研究」，國立台北大學合作經濟學所碩士論文。
4.康峰菁(2003)，「企業社會責任、財務績效與盈餘管理之國際實證研究」，國立台北大學合作經濟學所博士論文
5.張琪琪(2005)，「企業聲譽風險管理及量化之探討」，國立中正大學財務金融所碩士論文。
6.陳怡如(2002)，「聲譽量表之研究」，實踐大學企業管理研究所碩士論文。
7.陳建宗(2004)，「公司訴訟宣告與危機管理對股東財富影響之研究」，國立台灣科技大學財務金融所碩士論文。
8.黃家齊(2000)，「企業社會績效研究—社會責任表現、企業聲望與財務績效關聯性之實證分析」，亞太管理評論，第五卷第三期，367-380頁。
9.葉日武(2007)，「企業聲望與財務績效之研究」，國立東華大學企業管理學系博士論文。
10.蔡智全(2007)，「企業社會責任的聲譽效果與價值對公司財務績效的影響」，私立元智大學財經所碩士論文。
11.謝幼齡(2000)，「企業聲望與組織績效跨期之相關性研究」，國立中央大學企業管理研究所未出版碩士論文。
二、英文文獻
1.Aupperle, K., A. Carroll and J. Hatfield,（1985）. An Empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28(2), pp. 446-463.
2.Barnett, M.L., J.M. Jermier and B.A. Lafferty (2006). Corporate reputation: The definitional landscape. Corporate Reputation Review, 9(1), pp. 26-38.
3.Bassen, A., H.M., Hölz and J. Schlange ,(2006), Corporate Responsibilityon the Cost of Capital An Empirical Analysis. University of Hamburg Working paper.
4.Bauer, R. and R. Braun, (2010). Misdeeds Matter: Long-Term Stock Price Performance after the Filing of Class-Action Lawsuits. Financial Analysts Journal, 66(6), pp.74-92.
5.Bennett, R. and H. Gabriel, (2001). Reputation, trust and supplier commitment: The case of shipping company/seaport relations. Journal of Business & Industrial Marketing, 16(6), pp. 424-438.
6.Berens, G., C. B. M. van Riel, and G. H. van Bruggen (2005). Corporate Associations and Consumer Product Responses: The Moderating Role of Corporate Brand Dominance. Journal of Marketing, 69(3), pp. 35-18.
7.Bhagat, S., J. A. Brickley and J. L. Coles, （1994）, The Costs of Inefficient Bargaining and Financial Distress, Journal of Financial Economics, 35,pp.221-247.
8.Bhagat, S., J. Bizjak and J. L Coles, （1998）, The Shareholder Wealth Implications of Corporate Lawsuits. Financial Management, 27, pp.5-27.
9.Bizjak, J. M. and J. L. Coles, （1995）,The Effect of Private Antitrust Litigationon the Stock- Market Valuation of the Firm. American Economic Review, 85, pp.436-459.
10.Cadbury , A. (1999). What are the Trends in Corporate Governance？How will They Impact Your Company？.Long Range Planning, 32, pp. 12-19.
11.Carmeli, A. , G. Gilat and j. Weisberg, (2006), Perceived External Prestige, Organizational Identification and Affective Commitment: A Stakeholder Approach .Corporate Reputation Review, 9(2) , pp. 92-104.
12.Carmeli, A. and A. Tishler (2005). Perceived organizational reputation and organizational performance: An empirical investigation of industrial enterprise. Corporate Reputation Review, 8(1), pp. 13-30.
13.Cochran, P. and Wood, R., (1984), Corporate Social Responsibility and Financial Performance. Academy of Management Journal, 27 (1), pp. 42-56.
14.Coombs, W. T. and S. J. Holladay, (2006). Unpacking the Halo Effect: Reputation and Crisis Management. Journal of Communication Management, 10(2), pp. 123-137.
15.Dentchev, N. A. and A. Heene (2003). Managing the reputation of restructuring corporations: send the right signal to the right stakeholder. Journal of Public Affairs , 4(1), pp.56-72.
16.Dowling, G.R. (1986). Managing Your Corporate Images. Industrial Marketing Management , 15(2), pp. 109-115.
17.Fombrum, C. (1996). Reputation : Realizing Value from the Corporate Image . Harvard Business School Press.
18.Fombrun, C. and M. Shanley (1990).What’s in a name? Reputation building and corporate strategy. Academy of Management Journal, 33, pp. 233-258.
19.Fombrun, C. J. and C. B. M. van Riel, (2003). Fame & Fortune: How Successful Companies Build Winning Reputations. Prentice-Hall Financial Times, New York, NY.
20.Gotsi, M. and A. M. Wilson (2001). Corporate Reputation: Seeking a Definition. Corporate Communications: An International Journal, 6, pp. 24-30.
21.Herbig, P. and J. Milewicz (1993). The Relationship of Reputation and Credibility to Brand Success. Journal of Consumer Marketing, 10 (3), pp. 18-24.
22.Herremans, I.M. , P. Akathaporn and M. McInnes (1993). An investigation of corporate social responsibility reputation and economic performance. Accounting Organizations and Society ,18, pp. 587-604.
23.Jang, W. Y., (2007). Media Exposure or Media Hype: Evidence from Initial Public Offering Stocks in Taiwan. Journal of Media Economics, 20(4), pp. 259-287.
24.Koku, P. S., Qureshi A. A. and A.Akhigbe, （2001）, The Effects of News on Initial Corporate Lawsuits, Journal of Business Research, 53, pp.49-55.
25.Lee, P. M. , (2001). What’s in a Name.com ? The Effect of ”.com” Name Change on Prices and Trading Activity. Strategic Management Journal, 22(6), pp. 793-804.
26.Lopez , M. V., A. Garcia and L. Rodriguez (2007). Sustainable Development and Corporate Performance：A Study Based on the Dow Jones Sustainability Index. Journal of Business Ethics, 75, pp. 285-300.
27.McGuire, J.B. , A. Sundgren and T. Schneeweis, (1988), Corporate Social Responsibility and Firm Financial Performance. The Academy of Management Journal , 31(4), pp. 854-872.
28.Moore, G. (2001). Corporate Social and Financial Performance：An investigation in the U.K. Supermarket Industry . Journal of Business Ethics, 34, pp. 299-315.
29.Nelling, E. and E. Webb (2008). Corporate social responsibility and financial performance: the "virtuous circle" . Review of Quantitative Finance and Accounting, 32, pp. 285-300.
30.Post, I. E. and L. L. Griffin (2001). Corporate Reputation and External Affairs Management. Corporate Reputation Review, 1, pp. 165-171.
31.Roberts, P. W. and Dowling, G. R. (2002). Corporate reputation and sustained superior performance. Strategic Management Journal, 23, pp. 1077-1093.
32.Saxton, K. (1998). Where do Reputations Come From? .Corporate Reputation Review, 1, pp. 393-399.
33.Spicer, B.H., (1978), Investors, Corporate Social Performance and Information Disclosure: An Empirical Study. The Accounting Review, 53( 1), pp. 94-111.
34.Szwajkowski, E and R.E. Figlewicz, (1999), Evaluating corporate performance: a comparison of the Fortune Reputation Survey and the Socrates social rating database. Journal of Managerial Issues, 11(2), pp.137-154.
35.Thilo, G. (2006). Measuring Corporate Sustainability Performance and It’s Impact on Corporate Financial Performance. Applied Research in Environmental Economics, pp. 51-74.
36.Thomsen, S. and C. Rose (2004). Foundation Ownership and Financial Performance: Do Companies Need Owners? . European Journal of Law and Economics, 18(3), pp. 343-364.
37.Thomsen. S and C. Rose, (2004), Foundation Ownership and Financial Performance: Do Companies Need Owners?. European Journal of Law and Economics , 18(3), PP.343-364.
38.Wartick, S. L. (2002). Measuring corporate reputation: Definition and data. Business & Society, 41(4), pp. 371-393.
39.Weigelt, K. and C. Camerer（1988）. Reputation and corporate strategy: a review of recent theory and applications. Strategic Management Journal, 9(5), pp. 443-454.